Sunday, 19 November 2017

Wireless microphone market is estimated to reach USD 3.51 billion by 2025, growing at a CAGR of 5.9%, according to a new study by Grand View Research, Inc.

The global wireless microphone market is estimated to reach USD 3.51 billion by 2025, growing at a CAGR of 5.9%, according to a new study by Grand View Research, Inc. Technological proliferation such as Wi-Fi and Bluetooth enabled microphones are expected to drive the market growth over the forecast period.

The evolving entertainment and media industry, mainly in developing regions such as Asia Pacific and Latin America, has fostered the demand for wireless microphone products. These products are used for applications such as television broadcasting, public speaking, podcasting, and performing arts. The preference for wireless microphones has increased among consumers as these microphones enable performers to move their hands freely, thereby increasing comfort.

The adoption of wireless microphones is anticipated to grow in the Asia Pacific region. Global sports events such as Summer Olympics 2020 and Winter Olympics 2022 are scheduled to be organized in the region, which is presumed to propel the demand for wireless microphones. Furthermore, the increasing application of microphones in government infrastructure is expected to boost the adoption of wireless microphones in the Asia Pacific region.

The changing regulatory scenario of wireless spectrum across regions including North America and Europe is expected to propel the market growth. It enables market participants to develop new products that comply with the new spectrum regulations. Moreover, the new products are developed to provide features such as efficient audio signal transmission and high output audio quality.

Prominent & established industry players and new entrants collaborate with each other for sharing expertise and resources. The market is highly competitive and major companies are laying emphasis on retaining their market shares. Moreover, there is a strong presence of small and local manufacturing companies in the market, mainly in countries such as China and Japan.

Further key findings from the study suggest:
  • The clip-on segment is expected to emerge as the fastest growing segment, registering a CAGR of 6.8% over the forecast period. Increasing public speaking events are encouraging the demand for this segment.
  • The North American region has announced changes in regulations wherein the use of wireless frequency is restricted to below 600 MHz. Any device operating above 600 MHz would be illegal.
  • Radio Frequency (RF) band is the fastest growing segment, registering a CAGR of 7.5% over the next eight years. The RF band offers a large number of frequency options that facilitate the selection of frequency depending on the application.
  • Asia Pacific is estimated to be the fastest-growing regional market due to the growth of sports and entertainment events in the region leading to an increase in demand for audio equipment
  • Key industry participants include AKG Acoustics, Audio-Technica Corporation, Blue, LEWITT GmbH, Rode Microphones, Samson Technologies Inc., Sennheiser Electronic GmbH & Co., Shure Incorporated, Sony Electronics, Inc., and Yamaha Corporation, among others

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